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tv   Worldwide Exchange  CNBC  October 13, 2017 5:00am-6:00am EDT

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breaking news, president trump pulls the plug on the obamacare plans. we'll have more straight ahead and wells fargo financials out. we'll tell you what to watch and samsung's ceo is out we'll have full details on this friday, october 13, 2017 "worldwide exchange" begins right now. ♪ good morning, a warm welcome to
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"worldwide exchange. i'm wilfred frost. >> and i'm sara eisen. for meetings on the imf, all the financers and top economists are here i'll tell you what some of my takeaways are in a moment, but first we'll bring you breaking news out of the nation's capitol. the trump administration says it will stop making critically important payments to health insurers who sell obamacare plans. those payments were projected to $10 billion next year. nbc's tracie potts is here in washington with more does this come as a surprise, tracie >> reporter: it doesn't come as a surprise i can tell you that because we have been investigating what the prices will be for the premiums next year. and already 20 and 30% increases in some areas because the insurance companies were expecting this was coming. president trump has said repeatedly he thinks that it's too much money and that this is not something that the government should be paying so those cost-sharing reductions is what they call them, many
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people refer to them as extra subsidies, are payments made directly from the government to these insurance companies to compensate them for discounted plans that they are required to make to low-income families under obamacare. so if they're not getting the compensation from the government, they are raising the prices to the families who can least afford to pay them and that is going to be the impact here. the congressional budget office took a look at this a few months ago at what the impact would be, premium increases 20% to 25% and as i said, we're already seeing this as many of the companies had anticipated this they also think that the number of uninsured officially will go up we are already getting reaction from capitol hill from republicans who say this is the way it should have been in the first place because congress has to authorize the payments. and congress never did on the other hand, you can imagine, democrats are calling this spiteful this morning pointless sabotage that will affect working families.
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we'll likely hear more about it today and see more of h the republicans are acting and reacting because i would think this move by the trump administration in the face of several failed health care votes from republicans to start to dismantle obamacare on his own >> exactly they are trying to take it apart piece by piece by taking out critical parts of obamacare. remember, obamacare, the affordable care act, was always about balance. and balancing the costs of health care. so if insurance companies have to cover more people, then they wanted more healthier people in the system to balance the cost of that. if they had to offer plans to more low-income families, working families, the government was helping to balance that with the payments now going away. >> tracie potts, thank you very much for that late evening news
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from washington. no real move in the health insurers pre-market. obviously, we arekeeping an ey on them today. to tracie's point, this was expected but unclear how they will react raise premiums or give them an excuse to pull out of the aca. we'll have more on the breaking news later in the show in the meantime, we'll check in on the global markets and the futures yesterday down 0.2% that means we are essentially flat coming into the final session of the week. the dow up about 0.3%. the nasdaq and the s&p slightly positive this morning. we're expecting to open higher 22 points or so for the dow, the s&p half a point, the nasdaq, 4 points the ten-year treasury note for you is seeing yields slip back a little bit we are at 2.33 this morning. as for the overnight action in asia, japan had a strong week, certainly. the stock market is trading at multi-year highs and the strength continued overnight
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look at japan with a 1% move hong kong flat, shanghai comp closing positive with better export numbers out of china, south korea ends lower as for early action in europe, it is the bond market we're watching this morning where you are seeing the moves buying bonds and pushing yields lower there's a report that the ecb is going to trim its asset purchases but extend them for an extra nine months, which is having an impact in the bond market the dax is unchanged seeing action in the ftse 100 down a third of a percent. we'll keep an eye on it. and spain, wilford, a lot of talk in spain at the imf meetings we have an interview with the eu vice president about how brussels should proceed delicately with this situation they have obviously stayed out of it. it's a spanish issue, but it does speak to some unrest in populism that continues to bubble up. >> we are watching flashes in the last 15 minutes or so on the topic, that i'm sure you will
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discuss. let's look at the broader markets, the oil prices were down a little bit yesterday. but, sorry, we were down yesterday a percent or so, but up nicely for the week and adding to the week's gains today up 2% for the week before this move. so we're looking at 3.5% of gains for the week as a whole now with that 1.4% gain. 51.3 for wti the board is seeing a little bit of weakness today. it was up slightly yesterday, down for the week, and you can see the euro flat, but the dollar softer against the yen. and the pound up about 0.3%. it was down sharply lunchtime yesterday. it was up by the end of yesterday's session. all the headlines coming out of the eu as to whether negotiations are going well or not. but lots of back-and-forth over the last 24 hours on that in terms of headlines and in terms of the pound as well gold prices for you up a little bit yesterday. they are up about 1.7% for the week and they are flat today at 1295.
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bitcone crossed 5,000. today, it is at 5,600. so continuing to move higher >> crossing 5,200, that's unbelievable despite the doubters and skeptics. sticking w the fed will raise interest rates in december i'm not sure anybody is comfortable with the federal reserve members talking about
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the markets being fully valued, though he did hint it had to do with what they were looking at when it comes to monetary policy, the better overall environment, that's a big theme here today that i was going to mention to you the shift that central banks have to make towards normalization. do they do it all together at the meetings, it is about coordination of the economic and monetary policy? or do they go with their own speeds in the uk and scenarios on inflamed growth there nobody wants to ruin what we've got now, which is a global coordinated economic expansion it's fragile and the central bankers are figuring out how to adjust policy accordingly and whether they should work together. >> yeap, i think we have all ankers don't look justdecade at what the stated mandate is, whether it is inflation or plus employment, they definitely consider wider factors but inflation does remain the key hurd
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the rest to see if they can stop to reduce that policy. as for today's wall street agenda, we'll get inflation data, a couple economic reports, september retail sales and cpi are out at 8:30 eastern followed by october consumer sentiment and the august numbers will come out at 10. and sara will sit down with stanley fischer, his exit interview as he leaves this weekend. and we'll hear from bank of england's governor mark carney he'll sit down with steve liesman at 1:20 p.m. eastern time a lot of insight, that was a very odd picture of mr. carney we should change that. and bank of america, wells fargo and pnc report before the open and yesterday, sara, that cit ireport, in particular, saw citi
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shares down 3% the likes of bank of america was down 1.5%. we'll see if bank of america's report and wells fargo can allow them to bounce back a bit from yesterday's declines >> anything special you're looking for within wells fargo after the contentious hearings >> not really in the numbers, to be honest. we'll listen to the schools about that, but the interesting thing from the earnings yesterday was the focus on cards and consumer loans that's what derailed the citi share price. and it was only a small issue there, it wasn't like a big provision and it wasn't like and huge fall in terms of the pricing they are getting on the cards, but it came pretty soon after that july of yesterday where they come and significantly upgrade the outlook and the forward-looking statements so the fact that the disappointment came so soon after that hurt the share price. but it is at 1.4% in the market. it was down 3.4% yesterday. >> we'll watch the bank earning, b of a and wells fargoth we'll continue to watch the
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devastating wildfires in northern california. authorities say the death toll has risen to at least 31 roughly 400 people are still missing. there are currently 21 blazes raging simultaneously across the region bit of good news, though, officials do say they are starting to get a better handle on the fires as conditions there are expected to improve. but we'll keep a close eye on it for you. just devastating pictures. and so many people displaced indeed equifax says they have not been hit with a second hack landon dowdy is joining with us this story >> yesterday equifax announcing it may have faced another cyber breach, but the company later said it was not hacked the report credit agency said it disabled a customer help page with the security teams investigating. this comes after the firm has already been reeling from a massive breach that exposed the personal information of more than 145 million people in the
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u.s. now, in a statement, equfax's spokesperson said despite early media reports, equifax can confirm their that its systems were not compromised and that the reported issue did not affect our consumer online portal shares are down 7% year to date, but they are up 1.4% in early trading. back over to you. >> landon, thank you very much for that stocks to watch today, samsung says the ceo and chairman is going to step down this was a surprise resignation as he was expected to take on a bigger role after samsung aired that jy lee was jailed for bribery. and the faa orders inspections of airbus a380 engines. they are made by a joint venture
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of ge and united technologies. basf has agreed to buy a large part of bayer's herbicide and seed business. they have to get regulatory approval for the mega deal to buy monsanto and hp expects a profitable 2018 they are pledging to continue to return most of its cash to shareholders and tesla is recalling 11,000 model x suvs. the company sites faulty backseat locks that could cause the seat to fall forward in a crash. the electric carmaker hasn't received reports of any related issues or accidents. disney plans to cut 200 jobs at the tv networks according to sources. reuters reports the largest cuts will be in operational areas at abc and other channels, but not espn last month "the new york times" reported disney kept 250 jobs
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its animation unit when we come back, the pause button brexit talks hit a dead-lock, so what is next we'll hear from a top eu official straight ahead. and later, decision day for uber a big deadline facing the company. the details when we come back here on "wlddeorwi exchange. ah, dinner.
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exchange." we lost .20% yesterday, so slight slippage but we are still in positiver the toy the dow is the leader up .30% as a whole. we are up 25 points or so in the pre-market for the dow the oil prices slipped a percent yesterday, but on the whole it's been a good week for oil up 2% to 2.5% coming into the final session. adding to that today by 1.6% for wti. nicely above 50. 51.4 to be precise sara global economic optimism is the theme of the imf world bank meetings, but there are points of tension like catalonia, brexit, protectionism rising around the world we have the vice president of the european commission overseeing financial stability services and the market union. good morning
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>> good morning. >> everyone here is talking about the coordinated expansion, and a lot of people are pointing to europe as one of the brighter spots in terms of the economic outlook outlook. do you see this staying? >> economics are about 2% as it was for eu as a whole. and we see a broad-based economy growth, so all 28 member states including greece are about economic growth. >> and where do you put credit is it in the monetary authorities in the ecb for what they have done >> well, we are following three economic policy priorities first is the facilitate investment which each economy needs. second is structure reforms to strengthen the competitors of the economies. and third is fiscally responsible policies of course, those measures are
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flanked by the monetary policy of the european central bank, which has been involved in quantitative easing. >> but the political questions are still front and center and catalonia this week is at the top of the agenda. the president of the eu is making headlines hoping that catalonia stays in spain he can't mediate the situation when only one side is asking for help does brussels have any role to play here? >> well, we see this as a situation that needs to be dealt in spain itself in line with the constitutional provisions of spain. and we hope that all sides will be able so find a solution within the constitutional framework and via negotiations. >> do you see this as a problem for brussels and the eu as a whole that you have pockets of populism, the states that are trying to rise up in
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independence as a repudiation of the european project >> in this case, to reiterate, this is an issue primarily to be dealt with in spain. so we do not see it so much as a question of -- >> we saw it in scotland, there are other moves toward independence. >> well, the referendum was very clear to stay within the uk. in regards to brexit, indeed, we are now negotiating with the uk in terms of the uk's withdrawal from the eu. and those negotiations are still ongoing. >> how is that going it feels like we are at an impasse, and the market has been very sensitive to this idea. yesterday it looked like there was no deal. today there are rumors there's going to be a transitional deal. give us the latest. >> first of all, on the structure, we are concentrating first on the three sets of
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issues the citizens rights, so eu citizens in the eu and uk citizens in the eu on financial settlement where we expect the uk to meet its obligations and commitment it has made as an eu state. and on the issue concerning the irish border once we have substantial progress in these three areas, we move to the new part of the negotiation. and in the original schedule in october, we should be reporting to the european eu council so eu member states. and yes, indeed, we won't be able to report sufficient progress in those three areas. >> so is no deal an option >> we are certainly working towards a deal and there is some progress there's not sufficient progress, but there is still time to negotiate. so it's important.
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if there's political will from both sides, we certainly can reach a deal. >> not sure about that, but thank you very much for the update on several of those market-moving factors. it is always nice to see you here in washington the vice president of the european commission. wilfred? still to come, a big deadline for uber. the ride-hailing company has until today to appeal london's decision not to renew its license. we'll have more when with t"wore exchange" returns. often reveals a better path forward. at wells fargo, it's our expertise in finding this kind of insight that has lead us to become one of the largest investment and wealth management firms in the country. discover how we can help find your unlock.
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welcome back to "worldwide exchange." i'm wilfred frost. it's decision day for uber they have until the end of the day to repeal london's decision not to renew their license we are live in london with the latest on this story argen? >> reporter: yes, uber will try to appeal the decision later on today. the uk did not renew the operating license. as this goes on in the coming months, uber will still be able to operate in the uk capital this appeal is likely to be dragged on the london mayor sadiq kahn said they will defend themselves in court, so he's ready for a fight here the risk is that it damages london reputation as a place for innovation, but the risk for uber is much larger. they may have to change their
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business they may have to make concessions on this. and we have to wait and see how that pans out. but there is one more massive issue here facing uber in the uk, and that is around the way that it classifies its driver. they are currently going through the appeals process to see whether the drivers are classed as employees in which case they have to have holiday leave and the extra benefits that full employees are entitled to. or they are classed as self-employed and can continue to operate how they are. either of the issues, the flf, all the tribunal impact will have a huge impact on the way uber operates and boost the operational costs here in london >> arjun, what is the market share, do we think, of uber in london in terms of within other ride-sharing apps, i would think it is very high indeed, but also versus the classic london black cab, which is still fairly prominent? >> reporter: yeah. i mean, uber has a huge marketshare here no definitive stats on that, but
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it claims to have 40,000 drivers in the uk capital as well as 3.5 million users. so it's no small company it's doing a huge amount of business here in the uk. so it is clearly a very important market any damage here to its business could have ramifications for the global business, too >> and just one final point, clearly, they didn't get banned outright the data decision was made there to continue to allow it to operate until the current license expires. they have to launch their appeal by today how long can they continue operating for once they launch the appeal until the final decision of the appeal is made >> reporter: yeah, so they can continue operating and operating until tfl comes out with the final judgment on all of this. and the courts come out with their final judgment in this so they can continue operation for the next few months. many i view is that i reckon they try to make a few deals and cut sections of the market where
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they have run into trouble we'll see how that pans out over the next few months. >> thank you so much for, arjun, from london. and the trump administration pulling the plug on key obamacare subsidies. we'll have the latest market reaction, business impact and, of course, the impact on consumers when "worldwide exchange" comes back
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breaking news, the white house is ending key obamacare
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subsidies to health insurers the impact straight ahead. and markets are capping off with bank earnings that you need to be watching and hollywood icon jane fonda weighs in on the harvey weinstein scandal. we'll tell you what she said to cnbc this morning. it is friday, october 13, 2017 you're watching "worldwide exchange" on cnbc. good morning a very warm welcome to "worldwide exchange" here on cnbc i'm wilfred frost. >> i'm sara ic eisen in washingn today for the imf meetings and world bank. >> first we'll check in on what the markets are doing. we had a slight slippage today, but we are expected to bounce back a little. the dow is up 25 points. week to date, we are up slightly, 0.3% the nasdaq and s&p are up .10%
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slippage over the last week or week-and-a-half. we are down to 2.32% on the ten-year yield as for asian markets overnight, another strong session for japan. the nikkei closing higher by a percent. japan's stock market is at the highest level now since 1996 it's being fueled in part by the weaker japanese yen, which the exporters are loving we are mixing a soft picture over there the german dax barely higher one move coming in the uk. the ftse 100 is down a third of a percent. the pound is higher on spe speculation of a transition deal moving back and forth as you know on brexit talks yesterday the impasse, today maybe a transition, two-year extra-plus deal to keep britten in the common market if it can pay up and agree to some of the preliminary divorce settlements. >> some conflicting reports over
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the last 24 hours as a positive report in the uk's perspective from a german newspaper. the teaser yesterday was less positive, but the pound is reacting in the last 24 hours. >> we just talked to the eu vp about it, and he -- my takeaway from him was we are not on track. there's not enough to report by the october deadline as we said we would as far as the brexit talks. that's not a big shock, but now they admit it. >> no, i would say that is everyone's takeaway from most of the last couple of weeks or months but the reason the dow got a pop yesterday was to have a slightly different story for once, a positive one on the uk's perspective, that the transition could be confirmed we'll have to wait and see the pound is up, this comes at a moment but first, oil prices themselves slipped a little bit yesterday but this has been a positive week up 2.6% we are at 51.41 for wti crude.
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and yesterday at 2:00 p.m., 3:00 p.m., it gained significantly and bounced back slightly positive for the day it is up to 1.33 for the pound over the dollar. and the euro prices are at 1.7% today and flat at 1.296. bitcoin powered through 5,000 yesterday. now it sits at 5,600 there we go. >> if only my ex-boyfriend listened to me to buy a dollar several years ago. >> good thing you told me. then maybe i would have done it. >> i didn't know you then. >> a year ago, you said. >> no, years ago bitcoin was $1 that's when i first started paying attention a lifetime ago yes. big news out of washington and the white house overnight. the trump administration says it will stop making those critically-important payments to
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health insurers who sell obamacare plans. our aman jabbers is joining us in person. >> good morning, sara. >> we wonder about the impact and reaction. >> this is a big decision by the trump administration not certainly surprising because the republicans argued that the csr payments were done unlawfully under the obama administration they said paying insurance companies to subsidize insurance for low-income people was not ultimately constitutional. so what thepresident has done is decided to scrap the plans. democrats say it could raise prices for low-income people the csr payments now reimburse insurers for discounts in health care costs offered to low and middle-income citizens they were projected to receive $10 billion in subsidies in 2018 and the cbo estimates premiums would increase by about $200
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billion. this comes after the trump administration yesterday, the president signed the executive order, designed to allow more tailored and narrowed insurance programs access to that for certain people in the country. both of those decisions sort of undermining key features of obamacare here democrats very worried this could send premiums skyrocketing and ultimately this could lead to the unraveling of obamacare the president very much hastening that here's the tweet from chuck schumer saying sadly instead of lowering the health costs for americans, it seems the president will single handedly hike americans' health premiums. this will have a combined effect of undermining obamacare, putting this system in a more precarious position overall. >> so critics would say he's sabotaging president obama's signature legislation. >> absolutely, yeah. >> is he nudging the republicans? is this something rand paul would approve of >> this is a president who is very frustrated he hasn't been
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able to get legislation to repeal and replace they expressed at the white house bewilderment at the idea that republicans campaigned under repealing and replacing for seven years. and then with the opportunity in january with the president and controlling both houses of congress, wasn't able to do anything about it. now they say they want to take every step they can to reform the program. and live within the con up strants th constraints they have. that could destabilize obamacare. congress may have to do something. they expect to come back in january and february of 2018 and try again. this could raise the level of urgency to do something next year >> as millions of americans start to lose insurance or pay sky-high premiums. wilfred in. >> where are we now in terms of the total of executive orders relative to past experience in the first year of the presidency >> i don't have a grand total, but you're right to single it out. because the republicans under obama had said that executive orders were sort of executive overreach. the president was governing by
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the power of the pen, not going through congress of course, obama was doing that because republicans on capitol hill were blocking his agenda. now we see that republicans on capitol hill are blocking in many ways trump's agenda so this president is doing the same thing republicans criticized the previous president for doing, which is signing a lot of executive orders because that's one way the president can get something done through this process in washington, even if capitol hill is not cooperating. >> eamon, the president is up tweeting, 5:36 a.m. on this topic. the democrats, obamacare is imploding. massive subsidy payments to their pet-insurance companies has stopped. dems should call me to fix >> and that underscores exactly what we are talking about. the president there saying obamacare is imploding these steps he's been taking are going to continue its implosion. and so -- >> accelerate. >> yes, accelerate, so he's pouring gasoline on the fire politically saying dems should call me. what he means is he wants a
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deal and he didn't get one this year and is looking for a deal next year so here's adding this fuel to the fire in the hopes that the intensity will create some kind of deal-making possibility here. >> eamon, on the topic of deals, what's the latest on iran? >> we had "the new york times" and other media outlets within the past few moments publish stories which indicate that the president is not going to decertify the iran deal. that's been the big expectation of whether or not he would do that he has called this one of the worst deals that anybody has ever signed in history we expected that he might want to pull out of the iran deal "the new york times" reporting this morning that he's not going to do that instead, he's going to take a number of smaller steps, short of decertifying the iran deal. we have seen a lot of rhetoric from the trump administration within the past 24 hours around iran, the ballistic missile program, the support for terrorist organizations throughout the middle east this administration feels very hamstrung by the iran deal, in
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the sense that the iran deal gives them a lot it gives them inspections, a check on iran's nuclear ambitions, but what they don't get ultimately is a permanent deal so one of the frustrations has been that the iran deal is essentially a ticking clock for the iranians to restart. >> what does decertify mean? >> under a law on capitol hill, the president has to certify every 90 days that the iranians are in compliance with the deal. if not, congress can decide to reimpose sanctions if the president decided to decertify under the iran deal, that would mean congress would have to then decide to reimpose sanctions. if they did, that would be the end of the iran deal because that breaks the terms of the deal so the president is not taking action to threaten the underlying deal. which even though he criticized it, he'll do a number of things around it to sort of afternoon
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up u.s. disapproval of iran but stop short of decertifying but we'll see the administration asking congress for more action today. and we will see the president talking about this later on in the day at the white house so expect some more rhetoric from the president around this later today. >> eamon, the tension with north korea, one of the reasons that makes it harder for him to criticize and tear up the iran deal because of the message it would send to kim jong-un. >> absolutely. one of thequestions here is ca the united states is trusted at its word when it signs an agreement? does it stick to that agreement? the trick is that we have elections in this country. and the future president and congress may feel very differently about the arrangements than the current one who signs any particular deal so the north koreans have said, look, look at what happened with moammar gadhafi when he worked with the u.s. in terms of his nuclear ambitions. the united states turned on him at the first possible moment and he ended up dead so that is not a prescription
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for trust. if the united states were to break this, that would give the north koreans the same indication to cling to their nuclear program at all costs because the united states won't abide by any agreements long-term. >> a lot to unpack there, as usual. thank you, eamon javers. >> welcome to washington >> going to the white house today? >> see you there >> i live for these 5:30 a.m. live shots >> well, we gave you 12 minutes. >> that's right. switching focus, hollywood's icon jane fonda weighs in on the sexual harassment allegations surrounding movie producer harvey weinstein tanya brass sat down with her and is joining us with more of that interview >> good morning, t wilfred she was here to talk about her new film with robert redford and
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her popular show "grace & frankie. but the legendary actress is very outspoken and i asked her if she was surprised by the allegations against harvey weinstein >> no. i'm not surprised. i'm glad it's coming out thank god it's coming out. not thank god women are talking, because back in the days, we were too scared to talk. because we thought, no one would ever hire us again you know and the more women are brave enough, and make no mistake, women who come forward and talk about being sexually harassed, abused or raped, it's very, very, very hard. you don't get anything out of it, except fingers being pointed at you and too often people not believe you. so it's very brave of these women to do it and it gives courage to other women. >> what should happen to harvey weinstein and people like him?
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>> tell wiwell, i think they shl go to jail and let's put bill cosby in there. but the question is, it's not just hollywood this is epidemic this goes on all over the world on all kinds of levels and, you know, very, very powerful men and not very powerful men but i think that they have to be put in jail. and i think that the women who come forward have to be applauded, respected, listened to and gotten help for because it really has psychological consequences. >> had you ever worked with harvey yourself? >> no. no and the few times that i have run into harvey, he was, he was always -- well, first of all, by the time i got to meet him, i was old. if you'll notice, this kind of thing happens to young women who are vulnerable and really can't,
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well, it's hard for them to defend themselves. it's hard for them to have agency over the situation. and i was old when i met him but the friends that i know who had this happen, by him and by others, are usually young and vulnerable >> reporter: there you have it, wilfred, she feels very strongly about what should be done against harvey weinstein and others like him. and, of course, jane fonda herself has been outspoken about her own experiences as a young star in hollywood as well. and she said that she had been fired from a movie because she had refused to sleep with the boss >> and tania, thank you very much for that. fascinating insight on this front and center topic the full interview i'm sure will touch some more positive topics as well. when will that be out? >> reporter: about in a few weeks. that's right, wilfred,
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absolutely, a celebration of her life and work. she's turning 80 years old december the 21st. >> she looks 50. >> reporter: and she looks amazing. and she says she has never been more busy. she was walking down the catwalk show in paris last week. she's here in london she sold out the theater for an audience with jane fonda of course, she's just come out with a film with robert redford called "our souls at night." and she stars in a fourth series of "grace & frankie. and she so surprised herself that she's never been so busy at 80 >> tania, thank you for joining us this morning. still to come on "worldwide exchange," a lot more discussion of what's up at the imf meeting. and later, don't miss sara's exit interview with federal reserve vice chairman any stle fischer. much more to come on "worldwide
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welcome back to "worldwide exchange." i'm sara eisen becky quick is in new york city with a look at what is coming up good morning, becky. >> good morning, sara. good morning, wilfred. good to see you both a lot of things on the agenda, the earnings drum beet continues this morning financials continuing as well. we get bank of america this morning. it will be reporting during "squawk box's" hours and we will talk about how they match up to other banks.
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any expectations, will >> i'm surprised how much bank of america sold off yesterday, 1.5% in light of citi's 3.5% slide. so there could be room of bank of america to bounce back a percent in the premarket today. >> we'll keep an eye on that we'll talk to wilfred as the numbers hit and get more on that and we'll be talking taxes this morning. and we have a big guest joining us from an hour from 8:00 to 9:00 this morning. that would be senator ted cruz from texas he's going to be sitting down with us right here onset to talk about taxes, talk about everything with the iran deal, other foreign issues going on as well and health care news overnight about what the president has done with health care and what he's going to be doing in terms of not making some of the payments to the insurers, what that will mean. all those things will be topics for discussion with ted cruz when we sit down with him for an hour's time today. guys, today is friday the 13th you know what that means, all kinds of superstitious things
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out there. and we have a movie launching tonight called "happy death day. just in time for friday the 13th this is a universal flick that has been done very low budget. jason blume is the producer sitting down with us who has a habit of taking very-low budget films and turning them into blockbusters in 2017 he produced two films for a combined budget of $14 million that grossed $532 million at the box office. so we'll be talking to him about the latest one this is a thriller about a college student who asked to relive her death day again and again until she finds out who the killer is. >> "happy death day," what a conflicting title. we look forward to that discussion, thank you, becky just crossing, uber filed an appeal to the uk court seeking to overturn the loss of the london license the uk judicial spokesman said a hearing is likely to be heard on december 11th. we expected that to be filed today and has been filed
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they can continue to operate until the hearings are over. sounds like december 11th will be the kruchb dcrunch day and slow economic data don't forget on the docket today, we'll take you through that and big banks reporting. we'll get you set up for the trading day ahead when "worldwide exchange" comes right back ♪ can i kick it? ♪ yes you can ♪ can i kick it? ♪ yes you can ♪ can i kick it? ♪ yes you can ♪ well i'm gone
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right in the heart of the was in his financial crisis, and saw his portfolio drop by double digits. it really scared him out of the markets. his advisor ran the numbers and showed that he wouldn't be able to retire until he was 68. the client realized, "i need to get back into the markets-
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i need to get back on track with my plan." the financial advisor was able to work with this client. he's now on track to retire when he's 65. having someone coach you through it is really the value of a financial advisor. we can we clcome back to "we exchange." we are looking at slight gains for the week as the whole. joining us is art, thank you for joining us it would have been a positive day yesterday as opposed to the bank earnings. does that make you weary looking to the year ahead? >> understanding expectations for the first quarter probably were far too low and we ended up in pretty good shape. second quarter, expectations
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pulled back again. and we certainly ended up in good shape we have not pulled back our expectations for the third quarter earnings set and yet equities moved into near or at all-time highs there's a risk that when we look at ompanies, and as they report, if there's any sort of noise around their numbers or guys sound sloppy, you can see the volatility side. yesterday was a good example of that pretty good payments from jpmorgan and citi. you saw the stocks pull back in the afternoon. citi has credit card worries and low miles provisions for both of them so we'll see how the sector itself reacts. to your point, if things are going to be looked at as company-specific, but i think the real risk here is probably more asimilymmetric during the volatility point if there's a reason for the volatility, earnings get a much broader spectrum of reporting next week.
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>> how are you seeing sentiment in the marketplace more widely at the moment? >> the sentiment is probably as cautious as i have seen. the one question we get the most is, what is going to cause the market to pull back? when do we see it pull back? we have been waiting for the pull back to put new money in. that's the consistent question and statement. so there's a real lack of rational exuberance in the market, which is net positive, but the fact that we have gone so far so long without a 3% draw-down or 4% draw-down certainly has investors concerned when that's going to happen if you look at the flip side of that, when you look at the strong reasons for that, we have synchronized economic growth we have good earnings growth, the economic drata improved and central banks globally are improving. but with success, i expect that in to continue for a certain period of time what is on the docket today at imf
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>> i'm going to talk to stanley fischer as he wrapped up the weekend on the job and a person that everyone always listens to in this community, wilfred hey. hi. hi. you guys going to the company picnic this weekend? picnics are delightful. oh, wish we could. but we're stuck here catching up on claims. but we just compared historical claims to coverages. but we have those new audits. my natural language api can help us score those by noon. great. see you guys there. we would not miss it. watson, you gotta learn how to take a hint. i love to learn.
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watson, you gotta learn howthroughout history, the one meal when we come together, break bread, share our day and connect as a family. [ bloop, clicking ] and connect, as a family. just, uh one second voice guy. [ bloop ] huh? hey? i paused it. bam, family time. so how is everyone? find your awesome with xfinity xfi and change the way you wifi.
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good morning president trump pulls the plug on health insurers and we have new details on the iran nuclear deal. the market reaction is straight ahead. and banks are in focus this week and again today we'll get quarterly results from bank of america later this hour. and a bombshell announcement from samsung its ceo stepping down after some great numbers. remember those it's friday the 13th "squawk box" begins right now.
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♪ >> live from new york where business never sleeps, this is "squawk box. good morning, everybody. welcome to "squawk box" here on cnbc we are live from the nasdaq market in times square i'm becky quick along with joe kernan and andrew ross-sorkin. we'll look at u.s. equities on the friday the 13th. dow futures are up 28 points the nasdaq futures up by 7:00. the s&p futures up by 1.5. you can see it bouncing back by almost the same amount but there were big losses within particular areas, especially the telecoms at&t had the worst day since 2008 >> telecom or media. >> the

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